Akron is a small city located in Ohio with a metropolitan area population of 198,549. A couple could live a moderate lifestyle in Akron on a budget of $2,387 per month, or $28,644 per year.
Cost of Living in Akron, Ohio
As noted above, the cost of living in Akron, Ohio is $2,387 per month for a couple living a moderate lifestyle. This budget consists of $1,124 for housing related costs, $651 for food, and $612 for other costs, all of which will be broken down below.
- A one-bedroom apartment in the city center of Akron is estimated to cost $844
- Basic utilities including electricity, water, and gas will run about $206
- High-speed internet averages $74
- Typical grocery costs of $467 per month include things like bread, eggs, milk, cheese, rice, chicken breast, bottled water, fruits, and vegetables
- Alcohol including beer and wine for moderate home consumption costs about $84
- Frequent coffees in a neighborhood café are estimated to be about $100
- Meals out are estimated to be $350 per month, including 4 meals in mid-range restaurants and 8 in inexpensive restaurants
- Transportation costs of $125 for public transport passes and occasional taxis
- Fitness center memberships of $84
- Cinema tickets of $54 include several outings for international releases
Note that Akron, Ohio is a somewhat walkable city with a Walk Score of 72/100, which means you may need a car if you are living in the city center and you will probably need to use public transportation frequently.
Amount of Money Needed to Retire in Akron, Ohio
Many people searching the internet for the cost of living in Akron, Ohio are doing so to see if and when they can quit their jobs and retire. A popular and easy way to calculate your retirement number is using the 4% Rule.
The 4% Rule estimates that a person(s) could withdraw 4% of their retirement nest egg and never run out of money. Using this calculation, a couple would need an investment portfolio of $716,112 to live a moderate lifestyle in Akron, Ohio.
Annual expenses of $28,644 ÷ 4% = $716,112 portfolio needed.
Of course, everyone’s financial situation is different, and the above calculation could change based on any other sources of passive income and social security income.
Overall, the cost of living in Akron, Ohio is affordable coming in at $2,387 for a couple living a moderate lifestyle. Those seeking to retire could do so comfortably with a retirement portfolio of $716,112.